LeEco, the technology and content titan out of Beijing, has set its sights on the USA after it acquired the stateside television maker Vizio. While some Chinese tech giants seem to be quite satisfied with a domestic market of 1.4 billion, LeEco unveils international plans.
LeEco has a dedicated online payments and banking subsidiary called LeFinance. The company announces now the partnership between LeFinance and the Stellar Development Foundation. LeFinance is involved in developing services to employ Stellar, a bitcoin-like open source payments protocol that is backed by marquee San Francisco startup Stripe, for international transfers. The technology relies on the blockchain controlling the movement of money from one machine to another and at the same time eliminating the need for any kind of central authority or government to validate the transactions.
“We’re aiming to reduce the cost of capital, improve the efficiency of our operations,” says Linhui Gao, senior operations Director at LeFinance and the founder of LeFinance Blockchain Lab, through an interpreter. “We’re widening our influence globally, so cross-border payments is what we need.”
In March 2016, LeFinance launched LeFinance Blockchain Lab involved in implementation of distributed technology across LeEco divisions. Stellar now serves as a part of the whole Blockchain Lab strategy.
The Stellar network will be used not only for cross-border payments, but for monitoring of credits for usage across their various devices and platforms as well. Thus, customers will get access to a faster experience and a reliable, scalable accounting system for content in the cloud.
“As an Internet ecosystem company, we’re eager to use Stellar’s cutting-edge blockchain technology to enable a seamless experience for billions of customers,” said Mr. Wang Yongli, Chief Executive Officer of LeFinance.
Stellar will increase its presence on Asian market through the partnership with LeFinance.
“We’re thrilled to expand Stellar’s reach to China, and impressed by LeFinance’s forward-looking approach to product development and content delivery,” says Stellar CTO and Co-founder Jed McCaleb.
LeEco is bringing innovations in nearly every sphere offering key products in mobile, virtual reality, television, and investments in connected fitness, autonomous vehicles and a film studio. The company has a community and demand-driven approach to product development. No wonder that its latest mobile offering, the Le Pro3, topped 3.5 million pre-orders in China in 24 hours.
Anthony Barker, chief technology officer of the Paris-based international money transfer company Tempo, confirms that Stellar as well as similarly unified networks such as Ripple, can make international transfers easier and more reliable. And if the protocol gets widespread, it can also considerably save money-movers running costs. “You need partners on the other side of the transaction,” Barker says. “A network of one isn’t very useful.”